PGS Acquiring Seismic Data for Bid Round Offshore Vietnam

Petrovietnam and PGS Geophysical have signed a Co-Operation agreement that granted PGS exclusive rights to acquire a Multi-Client 3D (MC3D) seismic survey over open block 06/94 in the Nam Con Son Basin offshore Vietnam. Block 06/94 located immediately south of the Lan Tay & Lan Do gas fields is to be included in the 2005 bidding round that is expected to be formally opened by Petrovietnam in the fourth quarter 2005.

PGS plans to acquire the MC3D seismic survey early 2005 and will have final data available at the time of the 2005 bid round opening. The new 3D seismic data will be available for oil companies to evaluate this prospective acreage in preparation for bid applications.

PGS will be inviting interested exploration companies to participate in the survey at an early stage to secure survey commencement.

Block 06/94 has been high graded as having significant hydrocarbon potential with several leads and prospects previously identified. The majority of traps comprise of a variety of different types of complicated extensional fault blocks, as well as compressional structures, mainly within Early-Middle Miocene clastic sandstone reservoirs. With the use of a modern high quality 3D seismic survey the high resolution 3D imaging will be extremely beneficial in exploring this acreage as has been previously demonstrated with other nearby field discoveries in the Nam Con Son Basin.

PGS is proposing to acquire this MC3D survey in High Density 3D mode (HD3D TM) using a Ramform class vessel.

The HD-MC3D survey will provide a high-resolution 3D imaging of this area which is essential in order to successfully map the very complicated traps. The survey will also help identify and map reservoir sands, which are often deposited in channel settings, and most importantly it will also help to identify kitchen areas and map migration fairways.

The block has been high-graded as having significant hydrocarbon potential.